Pyrogenesis Canada (TSX: PYR) CEO Peter Pascali is looking to start the year off with a bang. Last night after market close, Pascali filed a Form 45-102, which relates to the planned sale of securities.
Pascali intends to continue his seemingly endless trend of selling off company stock, with the latest filing indicating he intends to sell a further 850,000 common shares that are held by Fiducie de Credit Mellon Trust. Pascali is currently a trustee, executive officer, and beneficiary of the trust.
Sales from the trust date back to at least January 2021, with the trust selling 5.21 million shares during the year, at a range between $2.85 and $9.11, generating gross proceeds of at least $13.9 million in the process, although at least one significant sale (for 2.5 million shares) did not record the price at which shares were sold, as per SEDI filings.
READ: PyroGenesis Sees Flat Sequential Revenue In Q3 Of $5.7 Million
With a declining share price in 2022, proceeds from stock sales under the trust weren’t as generous for Pascali. With the sale of at least 3.18 million shares, gross proceeds amounted to just $6.4 million, a result of the sales occurring at a much smaller range of $0.97 to $3.63 per share.
The most recent filing indicates that the trust currently holds 3,562,957 shares of Pyrogenesis, while Pascali also maintains 64,142,941 shares in his holdings via direct ownership, 7,251,000 shares via 8339856 Canada of which he is the sole shareholder, and 4,000,000 common shares via The 2% Solution Foundation, a charity in which he is a director. The latter of which Pascali just personally donated 2.0 million shares to as of December 30.
Pyrogenesis last traded at $1.08 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
